FN Weekend: The Very Best of Financial News

A roundup of must-read news, commentary and analysis from Financial News this week

By

Fareed Sahloul and

Mark Cobley

Updated: September 6, 2019 3:11 pm GMT

Welcome to FN Weekend, your Friday smörgåsbord of the best news, features and opinion from Financial News this week.

Dear FN Reader,

Even before prime minister Boris Johnson revealed his plans for prorogation, you had a feeling the end of MPs’ summer recess would herald the mother of all weeks for the mother of parliaments.

It didn’t disappoint. Unless your name is Boris Johnson. Or Dominic Cummings. Or anyone else trying to mastermind an October 31 Brexit, come what may.

For Westminster’s band of rebels succeeded in passing a bill that could head off a no-deal split on Halloween (if the EU agree). They have also, for now, refused to back the PM’s call for a general election to break the impasse — though a national vote is inevitable now that the Conservatives are short of a majority to govern.

No wonder Jacob Rees-Mogg needed a lie down; and all hail social media’s great meme machine for cranking into gear and providing some much-needed respite to the madness.

UK finance hasn’t forgotten that no-deal remains a possibility. The Square Mile’s most influential trade bodies — representing banks, fund managers, insurers and fintech start-ups — have convened a sit-down with City Minister John Glen to discuss the implications of a sudden exit from the EU, and how to communicate these to members.

Elsewhere...

On yer bike Most of us can probably remember the tales of supercars left forgotten in the bowels of bank HQs as the 2008 financial crisis ravaged headcount on Wall Street and in the City. Well, a decade later, in another harsh year for bank lay-offs, something similar is happening. Nell Mackenzie reports that pricey bikes — some worth as much as £10k — are being abandoned in City carparks by those who have lost their jobs. Bankers and traders are, of course, trained to spot opportunity and some who remain have taken the chance to strip these carbon steeds for parts. Class.

Risk and reward Ben Stokes’ memorable second-innings stand at Headingley in the third Ashes test was all about taking risks and seeing them pay off (with a little bit of luck mixed in). And if they hadn’t, well, aside from some national pride and a small urn, what would really have been lost? But risk-taking has altogether more severe consequences in high finance, where vast sums are at stake at any given moment. Now, as Sam Agini reports, one trading group is looking to sports science for ways of mitigating that risk and making sure its staff stay within their boundaries, ahem.

Elite recruits The past couple of years have brought a real step-change in City banks’ efforts to attract a more diverse workforce, with a slew of initiatives, programmes and summits aimed at promoting gender equality, improving access for disadvantaged groups and prioritising good mental health. Unfortunately, supertankers take a long time to turn. Paul Clarke’s report that more than half of banks’ trainees this year came from just eight elite universities — which themselves have a disproportionately high number of privately-educated students — is a reminder there is plenty farther to go.

Eat hereSandwiched between a nail salon and an internet café, you would be forgiven for walking right past Coupette, a French-ish cocktail bar in a 160-year-old building in Bethnal Green. It’s the perfect place to hole yourself up in the back of the bar and feel momentarily secluded from the business of central London — be it for a Friday night date or to catch up with friends. Try the tequila-mescal cocktail, dubbed a “Punk”, which is equal parts smoky and limey and would almost have you believe you were in Mexico City. If agave-based liquor is not your thing, the bartender will enthusiastically recommend their award-winning cocktail “Apples”, a calvados and apple juice cocktail. The menu also features dishes that are perfect for sharing, such as a generous cheeseboard. Come for the dizzying choice of cocktails and stay for the edgy east London vibes, complete with exposed bricks and a little “Tabac” sign poking out behind the bar. Recommendation by Bérengère Sim